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Viram Domi, a toy manufacturer in India, discovers a cheaper raw material supplier in Singapore but faces a challenge: the supplier requires payment in dollars, which exceeds India's annual limit of $250,000. To resolve this, he approaches a bank for assistance in securing the needed $1 million. The bank suggests a loan at a 13% annual interest rate, which Domi finds too costly. The bank then offers a more favorable solution: a Letter of Undertaking (L.O.U.) allowing him to obtain foreign currency loans at lower interest rates, facilitating the payment to his supplier without breaching legal limits.
